Tainted analysts with vested interests in managing Malaysia’s corruption, like the ‘Asia Wealth Management’ boss for the bank UBS, have been putting themselves about the media in recent days, trying to talk up the ringgit.
But, it isn’t working. Excuses are being made for the continuing decline of the currency, such as ‘The Trump Effect’, when everyone knows the real problem is ‘The Najib/1MDB Effect’.
For the past fortnight the true dire state of the ringgit has been disguised by Najib’s tame new Central Bank Governor, who has been wasting the country’s reserves by throwing huge sums at buying up the currency, which everyone else is sensibly getting out of.
He has made it fundamentally worse by lecturing banks that they must stop the frantic selling, thereby proving the desperate nature of the crisis.
The fact of the matter is that no one wants to invest in a country which is run by a coven of criminals, who are locking up people left, right and centre in an arbitrary fashion for complaining that the rule of law is not being upheld.
No one wants to invest in a country where all respectable people from all sides of the political divide have been forced to unite in condemnation of a thief Prime Minister, who refuses to quit office.
It is particularly telling for observers of Malaysia that this is a country where it remains possible for a man to remain in office, despite having been exposed as a kleptocrat billionaire – who on earth can consider their money safe under the jurisdiction of such a man and his bought and corrupted cohorts, who are making up the rules as they go along to slap down anyone who points out the truth?
Because the UMNO leadership control the local media, these goons are still living in a mental bubble, telling themselves that they can keep up their crackdown and eventually obedience and order will reassert itself in their favour. But, this is not Operation Lalang, not least because Mahathir was competent and everyone can see that Najib is not.
Najib may succeed in continuing to hold on to power by attacking protestors, locking up the opposition, encouraging extremism and violence and then cheating the election, but the price will be a tumbling ringgit and poverty for all. Malaysians are used to a better life and they will not thank UMNO for this.
Hard copy version
See the leader below in the UK’s respected ECONOMIST magazine – followed by its financial comment:
Malaysians underestimate the damage caused by the 1MDB scandal
FORTY thousand people wearing yellow shirts gathered in Malaysia’s capital on November 19th, to protest against corruption and impunity in government. The rally was orderly and restrained; the response of the authorities was not. On the eve of the protest, police arrested Maria Chin Abdullah, leader of a coalition of human-rights groups that organised the event. She was placed in solitary confinement, and can be held there for 28 days. Even by Malaysia’s dismal recent standards this marked a fresh low. Ordinary Malaysians should not stand by while their leaders undermine the rule of law so casually.
Ms Chin Abdullah’s detention was justified by an anti-terrorism law which the government had promised would never be used against political opponents. The true motivation was to stifle outrage over 1MDB, a state-owned investment firm from which billions have gone missing. In July American government investigators said they thought that $3.5bn had been taken from the firm and that hundreds of millions of dollars went to the prime minister, Najib Razak (who says he has never taken public funds for personal gain). The investigators’ findings corroborated exposés written by local and foreign journalists, who have been unravelling the saga for several years.
Elsewhere the scandal would have sparked a swift change in government. But the United Malays National Organisation (UMNO) has held power for six decades and enjoys broad support from Malaysia’s ethnic-Malay majority, some of whom resent their ethnic-Chinese and Indian compatriots. The party has devised many ways to protect its leaders from internal revolts, so Mr Najib found it easy to purge critics, delay a parliamentary investigation and replace an attorney-general said to have been preparing charges against him.
No one in Malaysia has been charged over 1MDB’s missing money. But a court has handed a prison sentence to an opposition politician who frustrated efforts to hush up the affair. The editor and publisher of one of Malaysia’s last independent news organisations face jail under a rule which forbids certain content published with “intent to annoy”. A competitor closed in March after authorities ordered its website blocked.
Mr Najib’s party is carelessly widening Malaysia’s ethnic and religious splits. Seeking to bolster support among conservative Malay Muslims, it is toying with a proposal to intensify the whippings which may be meted out by sharia courts. It has failed properly to condemn pro-government gangs that last year menacingly gathered in a Chinese part of the capital. Their leaders paint ethnic Malays as victims of sinister conspiracies—dangerous rumour-mongering in a country where politics is still defined by the racial violence of the 1960s.
Easily broken, hard to fix
Until now foreign investors have been fairly sanguine about the economy. But they are growing rattled. The ringgit has depreciated faster than other emerging-market currencies (see article). Last week the authorities asked foreign banks to stop some ringgit trading abroad, raising fears of harsher controls.
Rural ethnic Malays, a crucial constituency, feel that the scandal is a remote affair. Even some educated urbanites still favour Mr Najib’s government over the opposition, underestimating the damage being done by the scandal. If change is to come, the disparate opposition needs to do a better job of winning such people over; its fractious parties must overcome their divisions and present a plausible candidate to replace Mr Najib in a general election that could be held as soon as next year. Malaysia has always been an imperfect democracy, but the rot eating at its institutions is harming its international standing and its economic prospects alike.
FORWARD AND BACKWARD
Malaysia’s central bank tries to stem a slide in the ringgit
The ringgit is underperforming other emerging-market currencies
“THERE is no new policy on capital flows. There is no proxy capital control either,” insisted Muhammad Ibrahim, governor of Malaysia’s central bank, in a dinner speech on November 18th. This echoed a similar central-bank promise 15 months ago. For those hoping to bring money in and out of Malaysia, the commitments are reassuring. The frequency with which they need reiterating is less so.
It is no secret that the central bank is worried about the sharp drop in Malaysia’s exchange rate. Like other emerging-market currencies, the ringgit has suffered from China’s slowdown in the past two years and Donald Trump’s upset victory on November 8th. But, like Malaysia’s politics, beset by lurid tales of financial malfeasance, the currency has been unusually skittish (see chart).
Mr Muhammad blames what he calls “the arbitrary and unpredictable devices of the offshore markets”. Whereas China has been keen to “internationalise” the yuan, Malaysia’s central bank has an equally determined policy of “non-internationalisation”. It prohibits the trading of ringgit assets outside of its jurisdiction.
International investors can nonetheless bet against the currency offshore, settling the bets in dollars rather than ringgit. These “non-deliverable forward” contracts (NDFs) allow foreign investors, who own over a third of Malaysia’s government bonds, to hedge their exposure to the currency. But the NDF market can also be turned to speculative ends. And this speculation, Mr Muhammad believes, is contaminating the onshore markets as well.
If the offshore side-bets all point in one, bearish, direction, the onshore markets tend to follow their lead. And foreign banks that take the other, bullish, side of these offshore trades might try to hedge by selling ringgit in the onshore market. A 2013 study of nine NDF markets by the Bank for International Settlements found that the offshore and onshore markets both influenced each other, except in Malaysia, where onshore followed off.
Malaysia’s central bank has instructed onshore institutions not to take part in the NDF market or help others to do so. Foreign banks with operations in Malaysia seem to be deferring to the central bank’s wishes, notes Stephen Innes of Oanda, a foreign-exchange broker, to preserve their good name in Malaysia. “They are not aggressively selling the ringgit right now.”
But one reason the offshore market is so spiky is because trading is thin. That illiquidity may worsen if banks retreat. And if foreign investors cannot easily hedge their exposure to the ringgit, they will be less willing to buy ringgit assets. That might leave Malaysia with a weaker currency over the long term even if it is more stable from day to day. “No one from the banks is willing to discuss the ramifications,” Mr Innes says. “I find that quite unique.” Others may find it worrying. Silencing the markets is not the same as calming them.
Bank details released by the Singapore Court in the case of BSI banker Yak Yew Chee give a telling insight into how the plunderers from 1MDB were laundering and spending their stolen money.
Yak has pleaded guilty to a number of money-laundering charges carried out for 1MDB’s Jho Low, which included lying to other banks on his behalf.
Prosecutors said one of the key accounts used for distributing money siphoned out of the fund in 2012 was a company named Alsen Chance Holdings, held at Standard Chartered Bank in Singapore and managed for Low by his agent Eric Tan.
Sarawak Report has identified that one of the payments made from that account was $43 million dollars sent on 30th October 2012 to the off-shore company Maplehill Properties BVI, which is owned by the PetroSaudi Director Tarek Obaid.
According to the Singapore investigations, this $43 million payment came straight from a massive theft from 1MDB’s Energy Langat the day after a total of $260 million arrived in the Alsen Chance account.
PetroSaudi was the company involved in a separate, earlier controversial venture with 1MDB in 2009, from which billions also went missing.
Obaid joins entertainer Swizz Beatz, already revealed to have received $800,000 from the same account. That money is believed to be linked to a performance Beatz was due to give at Jho’s Birthday bash in Vegas the following month, said to be the most lavish event ever seen in the gambling town.
Tarek, like ‘KAQ’ was paid immediately after the 1MDB Energy Langat money entered the Blackstone/Alsen Chance accounts
How the money travelled
The paper trail produced by the Singapore prosecutors shows that no less than $790 million had been immediately siphoned out of 1MDB subsidiary company Energy (Langat) after it raised a $1,75 billion bond in October 2012, through Goldman Sachs, ostensibly to invest in power plants.
Khadem Al Qubaisi passed the stolen $790 million through a bogus Aabar account and then creamed off $129 million via a later backhander from Jho Low’s Blackstone Asia Real Estate Partners Limited
That payment was later accounted for on the spurious notion that it was a “refundable deposit” to the Abu Dhabi sovereign wealth fund Aabar, paid as security for its co-guarantee on the loan.
In fact, the entire amount was channelled 19th October into a bogus Aabar subsidiary company in the British Virgin Islands, called Aabar Investments PJS Limited, which had been set up by two Directors of Aabar, who were co-conspirators in the heist.
From there $442 million was rapidly transferred (via two bogus Curacao-based investment funds called Cistenique and Enterprise Emerging Markets) to another hub company controlled by Low named Blackstone Real Estate Partners Limited BVI, which also had an account at Standard Chartered Singapore.
A week later, on 31st October, Blackstone transferred $129,000,000 back to the Aabar Chairman, Khadem Al Qubaisi, using his Edmond de Rothschild Vasco Trust account in Luxembourg.
Meanwhile, $260 million had been flipped on 29th October to Alsen Chance (which like Blackstone was set up by Eric Tan at the same Standard Chartered Bank branch in Singapore). The following day Alsen Chance sent Tarek Obaid’s Maplehill Properties the $43 million.
Bank statement for Alsen was included in Singapore Court papers
It can be seen that Eric Tan (Tan Kim Loong) was also paid a cool million dollars out of 1MDB’s stolen money for his pains in running these accounts. $5 million went to a company called Strategic Markets amongst a number of other recipients.
Payment to PetroSaudi?
Sarawak Report has already established that Maplehill Properties is entirely owned by Tarek Obaid and it was through this off-shore company that he held his share in the Hong Kong company Plato One, which is in turn the major shareholder of Bellevue Education, which controls several private schools in the UK and also in Switzerland
So, why was this director of PetroSaudi receiving secretive payments into his off-shore account, from money filched from the 1MDB Energy (Langat) deal and how much of it is now sitting in top private schools in the UK and Switzerland?
The money came from ‘Aabar Phase’ not ‘Good Star Phase’!
The US Dept of Justice/FBI investigation into money stolen from 1MDB identified PetroSaudi as being involved in facilitating the first major theft from the Malaysian development fund, which it dubbed ‘The Good Star Phase’ in its 136 report in July.
However, by November 2012 the arrangement with PetroSaudi had been allegedly terminated, 1MDB having claimed it sold its share in the joint venture arrangement for $2.3 billion.
Mohammed Al Husseiny CEO of Aabar
The bond issue for 1MDB Energy (Langat) was then raised as part of what the DOJ/FBI described as the second “Aabar/BVI Phase” of the scam, conducted in collusion with Aabar Chairman Khadem Al Qubaisi and his CEO Mohamed Al Husseiny (both now in jail in Abu Dhabi).
Given that the PetroSaudi Directors are continuing to argue, via teams of expensive lawyers in Switzerland and the US, that they themselves were merely innocent victims also of the shennanigans in 1MDB (having originally denied there was any wrong doing) we ask why was Obaid accepting this concealed payment?
Surely, if there had been a genuine debt related to his earlier business with 1MDB, it should have been paid up front to one of the companies in the PetroSaudi group not through Jho Low, who claimed to have no connection with 1MDB anyway?
Earlier payment to Tarek was through Good Star
Jho Low has continued to deny that he is the owner of the company Good Star Limited, which siphoned out over a billion dollars from the original joint venture with PetroSaudi and paid Tarek $85 million straight after.
Likewise, PetroSaudi still publicly maintain that it is indeed they who own Good Star, even though the Singapore and US authorities have now confirmed through documentation that the owner was Jho Low.
Jho opened the Good Star Account at Coutts – Documents in Singapore court case
So, isn’t it time Tarek and PetroSaudi finally came straight and told Malaysians what has been going on…. or time somebody arrested the lot of them?
The Singapore statements also show that Good Star Limited paid $33 million into the Alsen Chance account on 17th October, replenishing the account which had just dropped beneath one million dollars. Immediately after several multi-million dollar payments were made (including to Cinema Archives, a company likely to have been used by Red Granite in the making of Wolf of Wall Street at that time).
Wind up payment?
It a matter of record that the 1MDB PetroSaudi engagement had finally been wrapped up the previous month in September 2012, with the alleged ‘buy out’ of 1MDB’s PetroSaudi shares by an obscure company named Bridge Global. Bridge Global then ‘invested’ 1MDB’s purported proceeds in an opaque Cayman Islands fund.
So, was this $43 million some kind of termination payment to Tarek and if so on what basis was it agreed and what did it have to do with Jho Low?
If PetroSaudi still maintain they own Good Star Limited, which they were continuing to claim just weeks ago, what is the connection to Alsen Chance and Jho Low?
Victim or Voleur? Time to explain!
Tarek Obaid and his partner Patrick Mahony have threatened to sue numerous press organisations, employing lawyers at great expense over very many months, in order to deter coverage of their ‘innocent dealings’ with 1MDB. Yet we can confirm they have still failed to contact Sarawak Report, which has been publishing numerous articles, which have received millions of hits.
Instead, they have commissioned PR people, such as the Swiss Marc Comina to orchestrate black PR and shadowy online defamation campaigns against this blog. We suggest this is because they fear a confrontation in court about the facts.
However, now the whole matter has been settled in open court in Singapore, Tarek Obaid can no longer shy away from an explanation to the Malaysian public as to why he received this payment…. after all it was their stolen money and he is now proven to have repeatedly lied on the 1MDB’s behalf.
If Tarek Obaid is a ‘victim’ he owes a public explanation to Malaysians.
Evidence laid before the Singapore Court in the Yak Yew Chee case has provided more devastating details of the money-laundering from the proceeds of 1MDB, with Jho Low at the centre of it.
However, no one in Malaysia can be under any illusions as to whom Jho in turn was working for. The sole authorised decision-maker at 1MDB was the Prime Minister, Najib Razak and till this day that Prime Minister refuses to acknowledge anything wrong in the fact that over half the money that was raised in borrowing by the fund has now been traced through Low’s web of accounts, purchases and massive pay offs.
The largest single payment went to Najib himself, after all – $681 million into his AmBank account in March 2013 – and there were several further separate multi-million dollar payments into the PM’s various accounts.
In order to disguise the origin of theft, using his senior pals at Aabar’s bogus off-shore company accounts and their handy personal Falcon Bank, Jho used multiple ‘layering’ and ‘masking’ tactics, explained the prosecution. Yak Yew Chee has now pleaded guilty to assisting him.
The Singapore investigators laid out an example of how one of the major tranches stolen from 1MDB’s second $1.75 billion bond issue for 1MDB Energy (Langat) Ltd passed through several stages:
How Singapore investigators mapped out the evidence
The US Dept of Justice has already spelled out how money from Selune was then spent on purchases in the US. Using the client account of the lawyers Shearman in New York, he spent $27,247,677.74 on the purchase of the Time Warner Building Penthouse and Storage Unit 1. Another $37,882,800 was used to buy the so-called Oriole Mansion in Beverley Hills.
It was important for the money to look clean therefore and Low had therefore routed the cash through one of his father’s accounts at the same BSI Bank before sending it back into his own account, so that he could claim that it had been gifted to him as part of long-standing family wealth.
Yak had broken the rules of the Bank and anti-money laundering regulations by not reporting the suspicious manoeuvre and by sending an unauthorised letter to Rothschild Bank in Zurich to confirm that the hundred and ten million dollar sum had been passed to Jho by his father.
“We wish to confirm” [read the letter sent by Yak but drafted by Low]”…The Low Family is a substantial client …. Mr Low Hock Peng has transferred USD150 from his BSI Bank account in full to Mr Low Taek Jho’s account with BSI Bank…..”
Given Yak knew this wasn’t true, he had tried to cover himself by emailing Jho to ask him why he was flipping this money between his own and his father Larry’s BSI accounts?
“Dear Mr Low, Would appreciate if you could explain the rationale for the transfer of funds from ADKMIC [owned by Jho] to Dato Low hp to Low. tj” emailed Yak.
Low’s reply really takes the biscuit. Copied to Yak’s circle in the bank Jho Low waxed lyrical for a whole page talking about the Chinese cultural legacy of being a dutiful son:
“Therefore, when good wealth creation is generated, as a matter of cultural respect and good fortune that arises from respect, we always give our parents the proceeds. This is part of our custom and culture. It is of course then up to the parents/elder to determine what to do with the funds and in this case, my father receives it as a token of gesture, respect and appreciation and decides to give it back to me for me to then subsequently provide a portion for the benefit of the family trust”
This pious hypocrisy surely rivals and probably surpasses the similar ludicrous and hilarious letters offered up to AmBank Managers from the bogus Prince Abdulaziz al Saud, claiming that he so much admired Najib’s ‘moderate Muslim agenda’ that he was paying him a total of over a billion dollars through a variety of his accounts, including Blackstone Asia Real Estate Partners Limited (BAREPL) also used above.
While flaunting himself as a good Chinese boy and then disguising himself as a good Muslim, this youthful fraudster was in fact just stealing money and laughing at other people’s ethics in the process.
He then, as we all know, went to splurge that cash in the most gross fashion imaginable on lunatic excesses of alcohol and lewd entertainment. Large quantities of drugs and available women were a signature of his parties and those of Khadem Al Qubaisi, Hollywood insiders are now acknowledging.
But, let us not forget his attitude arose from what he had grown up to see as the world around him and from the directions of his own boss, The Prime Minister. As he said in an interview to Euromoney last year, shortly after the PetroSaudi/Good Star scandal broke:
“I feel it has gotten to a point where it has become ridiculous,” he said. “There are all these guys with arrows out for me. There seems to be a very coordinated attempt to say, ‘This young Chinaman, it’s all his fault, he caused the failure of 1MDB, he advised the PM and everything is screwed up now’.”
Jho Low said that there are so many other people (in Malaysia) who get away with ridiculous billions and billions worth of projects, implying that nothing happens to them. “But every single time there’s a political attack, wow, Jho Low is there again,” he said. “These Umno guys are spin masters. They know all sorts of nonsense. All these guys go round and round. I say, ‘It’s very simple. There’s a Board. Who is the shareholder?”
So, Jho Low plainly feels sorry for himself and reckons he is only doing what everyone else in UMNO has done, getting away with “ridiculous billions and billions worth of projects“- and he points the magazine to the 1MDB shareholder, who is really in charge, Najib.
Insiders have told Sarawak Report that wife Rosmah used to complain on the phone continuously to Jho when money took time to arrive from 1MDB: “He should remember it is not just his money”, she would bark.
“Tell her it is not easy and it takes time”, Jho would message intermediaries
Now we know exactly how the process worked and why sometimes Rosmah had to wait.
1MDB and its ultimate boss, PM Najib Razak, continue to say there was “no wrongdoing” at the fund and are blocking all investigations into billions that have gone missing.
However, papers now before the Singapore Courts have added to the mountains of evidence that show otherwise.
They include bank statements which show that Jho Low used money stolen from the company’s so-called Power Purchase loan in October 2012 to pay a Hollywood Rap Star called Swizz Beatz $800,000 to perform at his lavish 31st birthday event in Las Vegas a fortnight later.
The discovery shines further light on the extraordinary sums that Jho was throwing about Tinseltown in order to buy his way into top friendships, all at the expense of Malaysia’s borrowed development money.
It also gives an insight into the sorts of fees certain entertainers have learnt to expect and Sarawak Report cordially invites the well-heeled Mr Swizz Beatz to repay this stolen development money, taken from the mouths and education of poor Malaysian kids, back in some form where it will not be re-appropriated by the present Prime Minister.
Case against Jho’s BSI Relationship Manager Yak Yew Chee
Paid by 1MDB….
The evidence comes from bank statements and charges now laid in open court relating to the case against the former senior BSI banker Yak Yew Chee, who pleaded guilty to the bulk of the charges against him some days ago.
Compiled by investigators from the Singapore Commercial Affairs Department they demonstrate clearly how money was stolen from the $1.75 billion ‘Power Purchase’ loan raised by Goldman Sachs in October 2012 and then channelled to private accounts.
In short, 1MDB Energy Langat, which had opened an account at the small Falcon Private Bank owned by the Abu Dhabi fund Aabar, first sent $790,354,855.00 to what has become known as the Bogus Aabar BVI account held at BSI Bank in Lugano shortly after receiving the proceeds of the bond issue on October 22nd 2012.
The Bogus Aabar account was opened by the two Aabar senior officials Chairman Khadem Al Qubaisi (KAQ) and CEO Mohamed Al Husseiny, but had nothing in fact to do with the sovereign wealth fund they were managing of the same name.
From there on the following day, October 23rd, two transfers were made to a couple of ‘fiduciary funds’ favoured by Jho Low named Enterprise Emerging Markets Fund and Cistenique Investment Fund, which were based in Curacao and held accounts at the Dutch giant ING.
Enterprise Emerging Markets received $76,530,613 and Cistenique received $290,816,327 and both funds received signed instructions from KAQ and Husseiny to immediately transfer the money on to another bogus off-shore company named Blackstone Asia Real Estate Partners Limited (BAREPL) in BVI with an account at Standard Chartered Bank in Singapore.
The registered owner of that account was Jho Low’s agent Eric Tan and the transfers were made the very same day, October 23rd.
Signed by Bogus Aabar Directors KAQ (top) and Husseiny (below)
For their pains in enabling the same day transfers, these two Curacao ‘investment funds’ were both paid a 2% ‘Subscription Fee’ and a 2% ‘Annual Management Fee’, agreed to and signed for by both KAQ and Husseiny. The two directors also signed a form indemnifying BSI Bank against any possible loss of the money as a result of the ‘fiduciary investment’ into Blackstone.
The Singapore sleuths have next identified that BAREPL transferred two massive payments of $35,000,000 and $224,800,000 into another account owned by Eric Tan at Standard Chartered Bank under the name of Alsen Chance Holdings Limited. The statements on that account, which are annexed to the charges against Yak in the documents before the court, show that on 22nd October a payment was made from Alsen to Swizz Beatz Pro of $800,000.
Jho Low’s Alsen account was funded by Blackstone and by Good Star … and paid out to Swizz Beatz
Just prior to this payment to Swizz the Alsen account had been running below $100,000. However, on 17th of October a $33.5 million payment had come in from none other than Good Star Limited, the Jho Low owned company which received over a billion dollars in kickbacks from 1MDB’s original PetroSaudi deals.
Payments came in from Good Star.. then at the end of the month the account was cleaned out to Good Star again
On 3rd of November almost the entire amount was then transferred back to Good Star, with a $200,000,000 payment.
According to the Las Vegas Sun, Swizz Beatz, who is the spouse of the even more famous singer Alicia Keys, then performed at the most “jaw-dropping “Lifestyles of the Rich & Famous”parties around the world” its writer had ever seen. ” This one topped them all“, said writer Robin Leach:
With R&B and rap stars Swizz Beatz, Ludacris and Chris Brown debuting their single “Everyday Birthday,” it was a mega lineup of music superstars all under a giant open-air tent. The party included a Ferris wheel, a fairground carousel, a circus trampoline, a cigar lounge and a huge, after-midnight, 15-minute fireworks show..
The extraordinary celebration got underway at 10 p.m…. Unless you had the printed parking permit and your name was on the security list, there was no way for gatecrashers to get through the super-tight, airport-style security.
It was nonstop, unlimited drinks poured by an attractive army of 250 glamour girls dressed in revealing, short, tight red outfits. There also was a super squadron of Cirque du Soleil-type entertainers on stilts, masked curvy creatures, revelers in lit-up costumes and bizarre outfits, and lacy lingerie-wearing ladies swinging on hoops suspended over the two screened, offside walls where the dancers kept the electricity sparking. A troupe of mini-people even added to the fun.
The party playpen was divided into two sections, an amusement park area with fairground attractions and a nightclub-style dance floor area with luxurious leather couches to watch the sensational stage and firework shows.
On stage, the 2-hour concert never seemed to end, with Oscar winner Jamie Foxx playing unexpected MC and wrangler of the stars. Psy opened the private concert with his monster global hit “Gangnam Style.”
The high energy had just begun to pick up as the strip-down-to-his-briefs antics of LMFAO’s Redfoo and the Party Rock Crew followed. He even left the stage and went dancing in the crowd; the inflatable life-sized zebra remained onstage! Swizz Beatz, Busta Rhymes and QTip followed with amazing performances before the massive fireworks display.
That was the cue for Britney’s arrival as she strolled through the crowd greeting the platinum party people and then going up onstage. As Britney sang, a laser light show lit up the sky as the four giant overhead video screens rolled up to give everybody the perfect view of the fireworks.
The celebrity list was endless. I have been to many jaw-dropping “Lifestyles of the Rich & Famous” parties around the world over the years, but this one topped them all.
Sarawak Report assumes that the payment to Swizz Beatz through Alsen was just a fraction of the money shelled out to each and every one of these top dollar performers, not forgetting the venue, Crystal, dancing dwarfs, army of red dressed wenches and all the rest.
One further payment dated November 2nd on the same statement for $5 million to the Las Vegas Sands Corporation would appear to be related, but is unlikely to have covered all the costs.
Sources tell us Britney Spears was paid an estimated $200,000 to $300,000 to perform three songs, but instead sang “Happy Birthday” and disappeared shortly afterward.
Goldman Sachs had excused the high fees on raising these bonds on the urgent speed with which the money was raised…. apparently it was needed in time to pay for Jho’s birthday bash.
Veteran Las Vegas nightclub reporter on the story Norm Clarke produced a list of those star beneficiaries from the ‘VIP event”:
“The 300-plus VIPs included: Oscar winners Leonardo DiCaprio, Robert De Niro, Jamie Foxx, Benicio del Toro, along with Kanye West, Kim Kardashian, Olympic swimming great Michael Phelps and Korean pop sensation Psy of “Gangnam Style” fame.
One report had Di Caprio rapping onstage with Q-Tip and Busta Rhymes. LMFAO’S Redfoo and the Party Rock Crew also performed during the two-hour concert.
A source close to the event organizers described it as a launch party for the song “Everyday It’s Your Birthday,” a collaboration by hip hop producer Swizz Beatz, Ludacris and Chris Brown.
Who picked up the tab for the megabash was also something of a mystery.”
Sarawak Report can now answer the mystery for Norm, the Malaysian taxpayer picked up the tab for this party, thanks to a massive fraud perpetrated by their own Prime Minister. and we suggest that it is time for all those stars to dig into their bank accounts and pay back the money.
Jynwel, Jho’s company, sponsored Alicia Keys’ charity ‘We are Here Movement’
Swizz and Alicia continued in subsequent years to benefit from further high profile events and charitable donations, thanks to Jho’s raids on 1MDB.
Beatz appeared in the series of ‘Jho Low funded’ pre-election concerts in Penang, together with other top performers like Psy, and his wife Alicia Keys charity event the Black Ball was supported by Jho Low just last year.
He also performed at another birthday extravaganza in Las Vegas, this time for the other major 1MDB thief, Khadem Al Qubaisi in the nightclub chain Hakkasan.
Interview with DJ Ruckus…..
Khadem, as explained above, assisted in funnelling funds out of 1MDB through the bogus Aabar BVI company and then via the fake fiduciary funds, Enterprise Emerging Markets and Cistenique into the Jho Low controlled Blackstone Asia Real Estate Partners Limited.
From there, as Sarawak Report has previously reported, money not only went to Alsen, but also to Khadem’s Edmond de Rothschild Bank account in Luxembourg and indeed from there into the Tasameem group of companies, which owns the Hakkasan nightclub chain.
Series of tweets to Swizz and Alicia were not appreciated?
Repeated warnings…. ignored
Over the past few months Sarawak Report has repeatedly warned the couple through Tweets and Facebook to be wary of their prolific benefactor.
SR has been ‘De-Tweeted’ by Swizz….
Swizz eventually responded by blocking us from ‘following’ the superstar rapper – perhaps someone else can warn him about this payment now being public?